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Global Crypto Adoption Index 2021

 

  • This ranking was based on the total cryptocurrency received, the amount of the virtual currency moved in transactions under $10,000, and peer-to-peer (P2P) trade volume.
  •  Finder, a US-based research platform, surveyed nearly 47,000 users worldwide, and 30 per cent of those surveyed in India said that they owned crypto.
  •  Finder’s report said Bitcoin is the most popular coin in India followed by Ripple, Ethereum, and Bitcoin Cash. The company also mentioned that India’s “huge expatriate population” makes it the world’s number one remittance recipient in the crypto space.
  •  WazirX, the largest crypto exchange by trading volume in India, said last week that it had seen more than 2,648 per cent growth in user sign-ups from Tier I and Tier II cities in India. This implies that crypto adoption in India has also been led by smaller towns in the country. WazirX has a claimed user base of 7.3 million users and said it has recorded more than $21.8 billion in trading volumes this year.

Methodology

  • The Global Crypto Adoption Index is made up of three metrics, which we’ll explain in detail below. The rank all 154 countries according to each of those three metrics, take the geometric mean of each country’s ranking in all three and then normalize that final number on a scale of 0 to 1 to give every country a score that determines the overall rankings. The closer the country’s final score is to 1, the higher the rank.
    • On-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita
    • On-chain retail value transferred, weighted by PPP per capita
    • Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users

The Ranking

  • India has been ranked second in terms of crypto adoption in the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis.
  • The first position was claimed by Vietnam, while countries like the United States, United Kingdom, and China were behind India.
  • The report that ranked 154 countries said that worldwide crypto adoption grew by 880 per cent between June 2020 and July 2021.
  • It grew by over 2,300 per cent since the third quarter of 2019.

The table below shows the top 20 countries in our 2021 Global Crypto Adoption Index




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